Crony Capitalism and Economic Growth in Latin America

Crony Capitalism and Economic Growth in Latin America

Theory and Evidence

Editor: Stephen Haber
ISBN: 978-0-8179-9962-9
Publication Date: 3/15/2002
Pages: 157

Of all the factors blamed for the Asian economic collapse of 1997, one stands out above all as the primary reason for the surprisingly rapid meltdown of East Asian economies: crony capitalism. But this system—in which those close to political policymakers receive favors allowing them to earn returns far above market value—is not limited to Asia. Crony systems are found around the world, and in no region of the world have they been as fundamental a feature of the economy as in Latin America.

In this book, Stephen Haber and his expert contributors examine the causes and consequences of cronyism in Latin America. Drawing from case studies in Mexico, Brazil, and other countries around the world, they answer key questions about this pervasive phenomenon, examining why crony economic systems come into being, how they get re-created over time even in the face of dramatic regime changes, why they survive despite being detrimental to growth, and, most important, how crony capitalism can be reformed. Crony Capitalism and Economic Growth in Latin America does not attempt to cover all the wide-ranging issues related to the political economy of crony capitalism. It does, however, offer a powerful point of departure—in terms of both theory and empirical research—from which further knowledge can be developed.


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Stephen Haber

Stephen Haber is the Peter and Helen Bing Senior Fellow at the Hoover Institution. He is also the A.A. and Jeanne Welch Milligan Professor in the School of Humanities and Science and director of the Social Science History Institute at Stanford University.

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TABLE OF CONTENTS


 Acknowledgments     vii
 Contributors     ix
 Introduction: The Political Economy of Crony Capitalism     xi
     Stephen Haber
1Why Crony Capitalism Is Bad for Economic Growth     1
     Anne O. Krueger
2Sustaining Economic Performance under Political Instability:
Political Integration in Revolutionary Mexico
     25
     Stephen Haber, Noel Maurer, and Armando Razo
3The Evolution of Suffrage Institutions in the New World:
A Preliminary Look
     75
     Kenneth L. Sokoloff
4Party and Faction in the Imperial Brazilian Parliament     109
     William Summerhill
5Economic Crises and Reform in Mexico     127
     Aaron Tornell
 Index     151

The Hoover Institution on War, Revolution and Peace, founded at Stanford University in 1919 by Herbert Hoover, who went on to become the thirty-first president of the United States, is an interdisciplinary research center for advanced study on domestic and international affairs. The views expressed in its publications are entirely those of the authors and do not necessarily reflect the views of the staff, officers, or Board of Overseers of the Hoover Institution.

www.hoover.org

Hoover Institution Press Publication No. 488
Copyright © 2002 by the Board of Trustees of the Leland Stanford Junior University
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without written permission of the publisher.

First printing 2002

Manufactured in the United States of America

The paper used in this publication meets the minimum requirements of American National Standard for Information Sciences—Permanence of Paper for Printed Library Materials, ANSI Z39.48–1984.

Library of Congress Cataloging-in-Publication Data
Crony capitalism and economic growth in Latin America : theory and evidence / edited by Stephen Haber.
p. cm.
Based on a conference organized by the Hoover Institution in Puebla, Mexico in 1999.
Includes bibliographical references and index.
ISBN 0-8179-9962-0

1. Latin America—Economic policy—Congresses. 2. Political corruption—Economic aspects—Latin America—Congresses.
3. Capitalism—Latin America—Congresses. I. Haber, Stephen H., 1957–II. Hoover Institution on War, Revolution and Peace.
HC125 .C798 2002
338.98—dc21
2001044358

 



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